The clock starts running only when a player catches the ball
That is only if the clock was stopped before tho, which wasn't the case. The ball was live, the clock ticking, it's pretty difficult to make a pass like that and still manage to shoot.
But anyway, that would be real life, such things are common in BB. I don't think it's a bug.
"BuzzerBeater, the best simulation game of real market economy" (with a cool live basket viewer).